In November, the average rent in the UK was £1,058, down £1 from last month’s figure, but up 8.6% year-on-year.
Excluding London, the average rental price has increased 7.4% YOY and 0.1% MOM to £889 PCM.
In the capital, rental prices haven’t shown much fluctuation since last month, with the average price in November at £1,757 in London, £2 lower than in October.
Northern Ireland has seen the largest YOY increase; the average monthly rental price was £737, 14.1% higher than in November 2020.
The North East is the cheapest area for rents in the UK at £575 PCM; this is the most significant MOM decline at 2.2% lower than in October.
The highest monthly increase was in Yorkshire and Humberside, up 1.2% since October to £736.
Commenting on the latest data, Andy Halstead, HomeLet & Let Alliance Chief Executive Officer, said:
“2021 has been a strange year, with the effects of the pandemic still being seen across the housing market. Despite the disruption and uncertainty we’ve all seen this year, we have referenced almost a million tenants, which highlights the considerable level of demand we’re still seeing. People still need and want to move home, and the lettings industry’s role, including letting agents, has been invaluable in making this happen.
“The private rented sector has remained exceptionally resilient, and demand for property has remained high, something we expect to continue seeing as we shortly say goodbye to 2021 and look forwards to the opportunities 2022 will bring.
“The UK needs landlords; if demand continues to outstrip supply, then prices can only go up. Typically, we might see a rise in rental prices for desirable or emerging areas, but high demand has been seen for some time now, and that applies to practically every area of the UK. With fewer new properties coming up to rent when compared to pre-pandemic levels, we can expect the trends we see continuing throughout 2022.”
Andy Halstead, HomeLet & Let Alliance Chief Executive
THE LARGEST AND MOST RELIABLE SOURCE OF AVERAGE RENTAL DATA IN THE UK
The Rental Index data is qualified through high-quality tenant referencing, carried out on behalf of over 4,500 UK letting agents. As a group we reference over 1m tenants a year, enabling reporting on newly agreed tenancy applications, with historic data for over 13m tenancy applications.